Preheat the oven to 375°F (190°C).
Line a cupcake tin with 12 flat-bottomed ice cream cones.
In a large bowl, cream together the softened butter, oil, and granulated sugar until light and fluffy.
Beat in the eggs one at a time, ensuring each is fully incorporated.
Mix in the vanilla extract.
In a separate bowl, whisk together the all-purpose flour, baking powder, and salt.
Gradually add the dry ingredients to the wet mixture, alternating with the buttermilk, beginning and ending with the dry ingredients. Mix until just combined.
Fold in the sprinkles gently.
Divide the batter evenly among the ice cream cones, filling each about two-thirds full.
Bake for 20-25 minutes, or until a toothpick inserted into the center comes out clean.
Allow the cupcakes to cool completely on a cooling rack.
While cooling, prepare the frosting: In a large bowl, beat together the softened butter and cream cheese until smooth.
Add the vanilla extract and mix well.
Gradually add the powdered sugar and cocoa powder, mixing until smooth and creamy.
If the frosting is too thick, add heavy cream or milk, one tablespoon at a time, until desired consistency is reached.
Once the cupcakes are cooled, frost them generously with the cream cheese frosting.
Garnish with additional sprinkles if desired.